XRP Whales Absorb Every Dip as Large Withdrawals Continue

Large XRP holders have been withdrawing significant amounts of tokens from exchanges amid the cryptocurrency's ongoing price weakness. According to data from CryptoQuant, daily outflows of more than 1 million XRP have accelerated even as the coin has fallen over 20% since May.

Xaif, an XRP community figure, pointed out that despite the decline in price, large withdrawals continue to occur. He noted that roughly 89 million XRP was withdrawn from Binance in a single day, while XRP funding rates dropped to -0.012, one of the most bearish readings seen in recent months.

Crypto commentator Diana also cited CryptoQuant data, stating that XRP supply on Binance 'keeps disappearing' while traders place their largest bearish bets in months. The decline in reserves comes as funding rates remain negative, suggesting many derivatives traders are positioning for further downside.